Bird Successfully Completed Acquisition of Jacob Bros Construction

August 01, 2024 – Bird Construction Inc. has successfully finalized its acquisition of Jacob Bros Construction, marking a significant milestone in its growth strategy. The transaction, announced earlier this year, brings together two organizations with shared values and complementary strengths in the construction industry. Teri McKibbon, President and CEO of Bird, expressed her excitement about the integration, stating, "We are very excited to welcome Jacob Bros into the Bird family, bringing a highly complementary team with strong leadership that will support our long-term growth strategy." She further highlighted that the merger would provide Bird with increased scale and diversification, especially in the high-demand infrastructure market of British Columbia. The combined entity aims to offer more comprehensive solutions and pursue a wider range of projects, from smaller ventures to large, complex undertakings across Western Canada.

As part of the transaction, Bird issued 1,490,922 common shares and secured $125 million in financing through an available term loan under its amended Syndicated Credit Facility. The loan was used to repay existing debt and fund part of the acquisition consideration. The term loan will be repaid quarterly, 10% of the original principal per year. The acquisition enhances Bird's operational capabilities and strengthens its market presence, positioning the company to capitalize on regional growth opportunities. Bird's continued commitment to operational excellence and strategic expansion is expected to support its long-term success in the infrastructure sector.

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